Revolve Renewable Power Corp. (TSXV:REVV;OTCQB:REVVF) was the subject of an article on January 22, when it was thought that, following a clear breakout from a bullish Falling Wedge downtrend and a period of consolidation, it would continue higher.
That didn't happen, and it is now clear that the price wanted to mark out a larger base pattern, which it has now done by dipping early this month to form a Double Bottom with its lows of late last October.
Since it is now still close to the second low of the Double Bottom shown on the 18-month chart below this looks like another good point to buy or add to positions.
On the 7-month chart, we can see the entire period of the Double Bottom in much more detail. On this chart, we can see that although the stock hasn't done much since we last looked at it and, in truth, is down a little, its technical condition has improved, with the price and its moving averages bunching more together in a manner that frequently precedes a new uptrend and momentum (MACD) trending gently higher.
The low early this month was marked by a prominent bull hammer, after which the price recovered off the second low of the Double Bottom on increased volume, which is bullish.
So, with the price still close to the second low of what is believed to be a Double Bottom, this is believed to be a good point to buy Revolve Renewable Power Corp. stock or add to positions.
Revolve Renewable Power Corp.'s website.
Revolve Renewable Power Corp. (TSXV:REVV;OTCQB:REVVF) closed for trading at CA$0.25 at 1.30 pm EDT on April 26, 2024.
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Important Disclosures:
- Revolve Renewable Power Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Revolve Renewable Power Corp.
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Clivemaund.com Disclosures
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be only be construed as a recommendation or solicitation to buy and sell securities.
